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Find the amount of money accumulated if you invest $10,000 at 3% interest compounded quarterly for 2 years. Round your answer to the nearest cent.

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sqdancefan

Answer:

  $10,625.99

Step-by-step explanation:

The future value formula is useful for this.

  FV = P(1 +r/n)^(nt)

where interest at rate r is compounded n times per year for t years. P represents the principal invested.

  FV = $10,000(1 +.03/4)^(4·2) = $10000(1.0075^8) ≈ $10,625.99

The accumulated value will be $10,625.99.

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